Here’s another reason it’s good to have money.
According to Zillow Group’s 2016 Consumer Housing Trends Report, renters that make $75,000 a year or more only spend 9.2 weeks looking for a new home in a tight market (defined as a vacancy rate of less than 4.8 percent). Mid-income and low income renters spend 10.1 and 12.1 weeks looking for a new place under the same circumstances.
It’s even easier for big earners to find a rental in balanced markets. They spend 8.8 weeks looking for a new place, while low income earners spend 12.3 weeks.
There are no strong patterns across income groups in the weakest rental markets: low- and high-income households spend very similar amounts of time on the market on average.
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